On September 12, Vander Company sold merchandise in the amount of $9,200 to Jepson Company, with credit terms of 3/10, n/30. The cost of the items sold is $5,700. Jepson uses the periodic inventory system andthe gross method of accounting for purchases. Jepson pays the invoice on September 18, and takes the appropriate discount. The journal entry that Jepson makes on September 18 is:Multiple ChoicePurchases8,924Cash8,924Accounts payable9, 200Merchandise inventoryCash2768,924Accounts payable9, 200Purchases discounts276Cash8,924Cash8,924Accounts receivable8,924Cash8,924Purchases discounts276Accounts payable9,200 On September 12, Vander Company sold merchandise in the amount of $7,800 to Jepson Company, with credit terms of 3/10, n/30. The cost of the items sold is $5,000. Jepson uses the periodic inventory system andthe gross method of accounting for purchases. The journal entry that Jepson will make on September 12 is:Multiple ChoicePurchases7,800Accounts receivable7,800Purchases5,000Accounts receivable5,000Purchases7,800Accounts payable7,800Merchandise inventory7,800Accounts payable7,800Accounts payableMerchandise inventory5,0005,000

Journal entries refer to the recording of transactions in an appropriate way. With the help of…

On September 12, Vander Company sold merchandise in the amount of $9,200 to Jepson Company, with credit terms of 3/10, n/30. The cost of the items sold is $5,700. Jepson uses the periodic inventory system and the gross method of accounting for purchases. Jepson pays the invoice on September 18, and takes the appropriate discount. The journal entry that Jepson makes on September 18 is:

On September 12, Vander Company sold merchandise in the amount of $9,200 to Jepson Company, with credit terms of 3/10, n/30. The cost of the items sold is $5,700. Jepson uses the periodic inventory system and the gross method of accounting for purchases. Jepson pays the invoice on September 18, and takes the appropriate discount. The journal entry that Jepson makes on September 18 is:

FINANCIAL ACCOUNTING

10th Edition

ISBN:9781259964947

Author:Libby

Publisher:Libby

Chapter1: Financial Statements And Business Decisions

Section: Chapter Questions

Problem 1Q

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